As private sector players get set to take over the operations of the nation’s power sector, banks are likely to thread with caution in dealing with the new entities.
Group Managing Director, Guaranty Trust Bank, Mr. Segun Agbaje, who gave this hint yesterday in Lagos at media briefing with senior financial journalists, said banks will be a bit slow in embracing the sector, as it was still uncharted waters for Nigerian lenders.
He said that while the privatisation of the power sector was a good and necessary initiative, banks are likely to wait and see how the situation unfolds.
“The approach is going to be that of cautious optimism. It is not the issue of funding the power sector that is most important but making sure that the money comes back to the banks and the sector grows”, Agbaje said.
On the bank’s strategic growth plan, Agbaje said GTB aims to be among the top three banks in Africa by 2016 stressing that Nigerian growing economy, emerging opportunities and high population placed it at an advantage even over the South African banks where the banking system was already maturing.
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